These days economies generally refer to nation states or global business. When I was in high school we also understood home economics. Surely there is an opportunity to define and manage economies between those scales.
First we may identify the parts and relationships that make up an economy. Wikipedia Economics 
tells us that economics is the social science that studes the production, distribution, and consumption of goods and services.
Clearly these functions can be carried out at multiple scales and across scales. So let's focus here on the intersection of Home Economics and neighborhood economics. Later we can explore the intersection of neighborhood economics and municipal economics. Here let's think about what goods and services are needed by households and how many of these goods and services can be produced and distributed within a neighborhood.
John McKnight and Peter Block nominate seven types of goods and services that they claim are best produced within the neighborhoods where they are consumed. Their seven are:
There is an interesting list created for assessment of communities after environmental disasters like hurricanes. This is a list with 26 functions that I have chunked under 5 headings. 26 Critical Functions The list of 26 covers the essential functions of any resilient community.
For me the question becomes, how much of this can neighborhoods manage on their own? And, what are the consequences of allowing others to do what we could be doing ourselves? What does it mean for the neighborhood to be totally dependent on outsiders for some functions critical to their survival? Are the risks and tradeoffs worth it? What are our choices? What is required to take back our critical functions physically into our neighborhoods. So long as we have enough capacity to perform all of these functions when required, we may not need to be extreme in our approach.
I begin to wonder How Much? How much water? How much food? How much skill? How much time? What and how much is required to be happily semi-autonomous. Would it would be good to know the ball park answers before we get going? Or not? What are the ranges of energy, water, food, and waste requirements for a household? What are the ranges of educational, safety, transportation, housing needs of a neighborhood? How much better (effective and efficiently) can a neighborhood take care of these function.
I begin to wonder how may Mutually Beneficial Alliances could be created between municipal functions and neighborhoods. Especially, parks, recreation, libraries, education, public health, safety, emergency management, water and waste management. I can imagine that the municipal and county governments could become allies in bring communication and energy infrastructures under Local Control, creating zoning and housing codes that fit the neighborhood in stead of the converse. One word of wisdom, the neighborhood should set the table and invite municipal and county people to their table, not the reverse. It really matters who's table the meeting occurs around.